UK Property Market Could Benefit from ‘Blockchain’ Style Platform

blockchain property

A software start-up in the UK has suggested that the speed of property sales nationwide could be doubled with the introduction of a new blockchain-style platform. Coadjute, the company behind the proposed ‘proptech’ platform, announced a deal this week that could put the software into increased use in the future.

If the initiative goes ahead over half of all estate agents in the UK would gain access to a new platform designed to accelerate property sales by addressing delays and inefficiencies.

Coadjute chief executive Dan Salmons told Yahoo Finance UK that a simple lack of streamlined data-sharing and real-time communication between people involved in property sales and purchases is the main reason transactions often take months to complete.

The company believes that its new platform could clear up confusion throughout all stages of the sale process, making it quick and easy to access important information. It would also eliminate unnecessary paperwork from the equation for both buyers and sellers.

Coadjute has stated that the UK government is on board with the idea, having indicated its enthusiasm about blockchain-style systems and similar platforms for the property industry.

Instant Access to Essential Information

The new system could potentially transform the way those involved in property transactions go about their business. The platform would serve as a centralized hub for storing, using and updating essential information in real-time, connecting lenders, estate agents, sellers, buyers, government offices etc.

Rather than having to reach out to third parties (as is often the case now), all the information needed to proceed to the next step in the transaction would be accessible in real-time.

According to Coadjute, this is far from the first time the industry has been presented with the idea of unifying its data access and management protocols with a single software platform. All previous attempts have failed due to the difficulties involved in creating a platform all parties are happy with in terms of user-friendliness and safety.

In addition, many are simply reluctant to switch from traditional manual processes to a system of centralized and automated data processing.

An Alternative Approach

What gives Coadjute’s the edge in its proposal is the way it eliminates the requirement for the parties involved to sign up to a single IT system. Instead, estate agents and other parties would be able to continue using their own software and follow their own Data Storage and security practices.

They would simply connect to a shared centralized data hub, which would contain all the information that would normally be needed to be sourced manually. Actions and activities would be tracked, in order to let those accessing the data to note important changes, along with when they occurred and who implemented them.